Visa and Mastercard have reached a revised settlement with merchants who alleged the card networks charged excessive fees for accepting their credit cards, according to a court filing on Monday.
The updated settlement was revealed in a letter filed in Brooklyn federal court by a lawyer representing some of the plaintiffs.
Details on the revised terms of the settlement were not immediately disclosed.
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The lawsuit, originally filed in 2005, claimed that Visa and Mastercard, along with major banks, set artificially high “swipe” or interchange fees that merchants must pay to process credit card transactions. Merchants argued these fees unfairly raised the cost of doing business and were passed on to consumers.
In 2012, Visa and Mastercard agreed to a $7.25 billion settlement with merchants, but the deal faced multiple legal challenges over its fairness.
Courts have since required revisions to ensure the settlement addresses all concerns raised by merchant groups.
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The latest filing indicates progress toward resolving the long-running dispute, which has shaped credit card fee structures and practices in the U.S. retail industry for nearly two decades.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
